Second Mortgage Calculator

Second Mortgage Calculator to calculate the mortgage payment for your 2nd home mortgage. The 2nd Mortgage Calculator will show if it is worth it to get a second mortgage rather than paying for private mortgage insurance or PMI.

Should I Get a Second Mortgage?

The second mortgage has a higher monthly payment, but you will save $11,125.50 in interest payments after PMI is taken into account.

	Mortgage	Mortgage 1	Mortgage 2
Mortgage With PMI vs. Second Mortgage
Mortgage Amount:	$585,000.00	$520,000.00	$65,000.00
Down Payment:	$65,000.00	$65,000.00	$0
Monthly Principal & Interest:	$3,563.98	$3,167.99	$488.32
Monthly Property Tax:	$233.33	$233.33	$0
Monthly Home Insurance:	$60.42	$60.42	$0
Monthly PMI: (Until Dec, 2030)	$487.50	$0	$0
Monthly Other Fees:	$0.00	$0.00	$0
Total Monthly Payment:	$4,345.23	$3,949.24(Loan1) + $488.32(Loan2) = $4,437.56
Total PMI Paid:	$44,362.50	$0	$0
Total Interest Paid:	$698,034.50	$620,475.11	$110,796.39
Total PMI + Interest Paid:	$742,397.00	$731,271.50 (Loan1 + Loan2)

Mortgage Calculator With PMI
Home Value:	$650,000.00
Mortgage Amount:	$585,000.00
Monthly Principal & Interest:	$3,563.98
Monthly Property Tax:	$233.33
Monthly Home Insurance:	$60.42
Monthly PMI: (Until Dec, 2030)	$487.50
Monthly Other Fees:	$0.00
Total Monthly Payment:	$4,345.23
Total # Of Payments:	360
Start Date:	Jun, 2023
Payoff Date:	May, 2053
Down Payment:	$65,000.00
Principal:	$585,000.00
Total Interest Paid:	$698,034.50
Total Tax, Insurance, PMI and Fees:	$150,112.50
Total of all Payments:	$1,498,147.00

Payment Date	Payment #	Interest	Principal	Tax, Insurance, PMI & Fees	Total Payment	Balance
Second Mortgage Amortization Schedule
Jun, 2023	1	$2,998.13	$565.86	$781.25	$4,345.23	$584,434.14
Jul, 2023	2	$2,995.22	$568.76	$781.25	$4,345.23	$583,865.38
Aug, 2023	3	$2,992.31	$571.67	$781.25	$4,345.23	$583,293.71
Sep, 2023	4	$2,989.38	$574.60	$781.25	$4,345.23	$582,719.10
Oct, 2023	5	$2,986.44	$577.55	$781.25	$4,345.23	$582,141.55
Nov, 2023	6	$2,983.48	$580.51	$781.25	$4,345.23	$581,561.04
Dec, 2023	7	$2,980.50	$583.48	$781.25	$4,345.23	$580,977.56
Jan, 2024	8	$2,977.51	$586.47	$781.25	$4,345.23	$580,391.08
Feb, 2024	9	$2,974.50	$589.48	$781.25	$4,345.23	$579,801.60
Mar, 2024	10	$2,971.48	$592.50	$781.25	$4,345.23	$579,209.10
Apr, 2024	11	$2,968.45	$595.54	$781.25	$4,345.23	$578,613.56
May, 2024	12	$2,965.39	$598.59	$781.25	$4,345.23	$578,014.97
Jun, 2024	13	$2,962.33	$601.66	$781.25	$4,345.23	$577,413.32
Jul, 2024	14	$2,959.24	$604.74	$781.25	$4,345.23	$576,808.57
Aug, 2024	15	$2,956.14	$607.84	$781.25	$4,345.23	$576,200.73
Sep, 2024	16	$2,953.03	$610.96	$781.25	$4,345.23	$575,589.78
Oct, 2024	17	$2,949.90	$614.09	$781.25	$4,345.23	$574,975.69
Nov, 2024	18	$2,946.75	$617.23	$781.25	$4,345.23	$574,358.46
Dec, 2024	19	$2,943.59	$620.40	$781.25	$4,345.23	$573,738.06
Jan, 2025	20	$2,940.41	$623.58	$781.25	$4,345.23	$573,114.48
Feb, 2025	21	$2,937.21	$626.77	$781.25	$4,345.23	$572,487.71
Mar, 2025	22	$2,934.00	$629.99	$781.25	$4,345.23	$571,857.72
Apr, 2025	23	$2,930.77	$633.21	$781.25	$4,345.23	$571,224.51
May, 2025	24	$2,927.53	$636.46	$781.25	$4,345.23	$570,588.05
Jun, 2025	25	$2,924.26	$639.72	$781.25	$4,345.23	$569,948.33
Jul, 2025	26	$2,920.99	$643.00	$781.25	$4,345.23	$569,305.33
Aug, 2025	27	$2,917.69	$646.29	$781.25	$4,345.23	$568,659.03
Sep, 2025	28	$2,914.38	$649.61	$781.25	$4,345.23	$568,009.43
Oct, 2025	29	$2,911.05	$652.94	$781.25	$4,345.23	$567,356.49
Nov, 2025	30	$2,907.70	$656.28	$781.25	$4,345.23	$566,700.21
Dec, 2025	31	$2,904.34	$659.65	$781.25	$4,345.23	$566,040.56
Jan, 2026	32	$2,900.96	$663.03	$781.25	$4,345.23	$565,377.53
Feb, 2026	33	$2,897.56	$666.42	$781.25	$4,345.23	$564,711.11
Mar, 2026	34	$2,894.14	$669.84	$781.25	$4,345.23	$564,041.27
Apr, 2026	35	$2,890.71	$673.27	$781.25	$4,345.23	$563,368.00
May, 2026	36	$2,887.26	$676.72	$781.25	$4,345.23	$562,691.27
Jun, 2026	37	$2,883.79	$680.19	$781.25	$4,345.23	$562,011.08
Jul, 2026	38	$2,880.31	$683.68	$781.25	$4,345.23	$561,327.40
Aug, 2026	39	$2,876.80	$687.18	$781.25	$4,345.23	$560,640.22
Sep, 2026	40	$2,873.28	$690.70	$781.25	$4,345.23	$559,949.52
Oct, 2026	41	$2,869.74	$694.24	$781.25	$4,345.23	$559,255.27
Nov, 2026	42	$2,866.18	$697.80	$781.25	$4,345.23	$558,557.47
Dec, 2026	43	$2,862.61	$701.38	$781.25	$4,345.23	$557,856.09
Jan, 2027	44	$2,859.01	$704.97	$781.25	$4,345.23	$557,151.12
Feb, 2027	45	$2,855.40	$708.59	$781.25	$4,345.23	$556,442.54
Mar, 2027	46	$2,851.77	$712.22	$781.25	$4,345.23	$555,730.32
Apr, 2027	47	$2,848.12	$715.87	$781.25	$4,345.23	$555,014.45
May, 2027	48	$2,844.45	$719.54	$781.25	$4,345.23	$554,294.92
Jun, 2027	49	$2,840.76	$723.22	$781.25	$4,345.23	$553,571.69
Jul, 2027	50	$2,837.05	$726.93	$781.25	$4,345.23	$552,844.76
Aug, 2027	51	$2,833.33	$730.66	$781.25	$4,345.23	$552,114.11
Sep, 2027	52	$2,829.58	$734.40	$781.25	$4,345.23	$551,379.71
Oct, 2027	53	$2,825.82	$738.16	$781.25	$4,345.23	$550,641.55
Nov, 2027	54	$2,822.04	$741.95	$781.25	$4,345.23	$549,899.60
Dec, 2027	55	$2,818.24	$745.75	$781.25	$4,345.23	$549,153.85
Jan, 2028	56	$2,814.41	$749.57	$781.25	$4,345.23	$548,404.28
Feb, 2028	57	$2,810.57	$753.41	$781.25	$4,345.23	$547,650.87
Mar, 2028	58	$2,806.71	$757.27	$781.25	$4,345.23	$546,893.59
Apr, 2028	59	$2,802.83	$761.16	$781.25	$4,345.23	$546,132.44
May, 2028	60	$2,798.93	$765.06	$781.25	$4,345.23	$545,367.38
Jun, 2028	61	$2,795.01	$768.98	$781.25	$4,345.23	$544,598.40
Jul, 2028	62	$2,791.07	$772.92	$781.25	$4,345.23	$543,825.49
Aug, 2028	63	$2,787.11	$776.88	$781.25	$4,345.23	$543,048.61
Sep, 2028	64	$2,783.12	$780.86	$781.25	$4,345.23	$542,267.75
Oct, 2028	65	$2,779.12	$784.86	$781.25	$4,345.23	$541,482.88
Nov, 2028	66	$2,775.10	$788.88	$781.25	$4,345.23	$540,694.00
Dec, 2028	67	$2,771.06	$792.93	$781.25	$4,345.23	$539,901.07
Jan, 2029	68	$2,766.99	$796.99	$781.25	$4,345.23	$539,104.08
Feb, 2029	69	$2,762.91	$801.08	$781.25	$4,345.23	$538,303.00
Mar, 2029	70	$2,758.80	$805.18	$781.25	$4,345.23	$537,497.82
Apr, 2029	71	$2,754.68	$809.31	$781.25	$4,345.23	$536,688.51
May, 2029	72	$2,750.53	$813.46	$781.25	$4,345.23	$535,875.06
Jun, 2029	73	$2,746.36	$817.63	$781.25	$4,345.23	$535,057.43
Jul, 2029	74	$2,742.17	$821.82	$781.25	$4,345.23	$534,235.62
Aug, 2029	75	$2,737.96	$826.03	$781.25	$4,345.23	$533,409.59
Sep, 2029	76	$2,733.72	$830.26	$781.25	$4,345.23	$532,579.33
Oct, 2029	77	$2,729.47	$834.52	$781.25	$4,345.23	$531,744.81
Nov, 2029	78	$2,725.19	$838.79	$781.25	$4,345.23	$530,906.02
Dec, 2029	79	$2,720.89	$843.09	$781.25	$4,345.23	$530,062.93
Jan, 2030	80	$2,716.57	$847.41	$781.25	$4,345.23	$529,215.52
Feb, 2030	81	$2,712.23	$851.76	$781.25	$4,345.23	$528,363.76
Mar, 2030	82	$2,707.86	$856.12	$781.25	$4,345.23	$527,507.64
Apr, 2030	83	$2,703.48	$860.51	$781.25	$4,345.23	$526,647.13
May, 2030	84	$2,699.07	$864.92	$781.25	$4,345.23	$525,782.21
Jun, 2030	85	$2,694.63	$869.35	$781.25	$4,345.23	$524,912.86
Jul, 2030	86	$2,690.18	$873.81	$781.25	$4,345.23	$524,039.06
Aug, 2030	87	$2,685.70	$878.28	$781.25	$4,345.23	$523,160.77
Sep, 2030	88	$2,681.20	$882.79	$781.25	$4,345.23	$522,277.99
Oct, 2030	89	$2,676.67	$887.31	$781.25	$4,345.23	$521,390.68
Nov, 2030	90	$2,672.13	$891.86	$781.25	$4,345.23	$520,498.82
Dec, 2030	91	$2,667.56	$896.43	$781.25	$4,345.23	$519,602.39
Jan, 2031	92	$2,662.96	$901.02	$293.75	$3,857.73	$518,701.37
Feb, 2031	93	$2,658.34	$905.64	$293.75	$3,857.73	$517,795.73
Mar, 2031	94	$2,653.70	$910.28	$293.75	$3,857.73	$516,885.45
Apr, 2031	95	$2,649.04	$914.95	$293.75	$3,857.73	$515,970.50
May, 2031	96	$2,644.35	$919.64	$293.75	$3,857.73	$515,050.86
Jun, 2031	97	$2,639.64	$924.35	$293.75	$3,857.73	$514,126.51
Jul, 2031	98	$2,634.90	$929.09	$293.75	$3,857.73	$513,197.43
Aug, 2031	99	$2,630.14	$933.85	$293.75	$3,857.73	$512,263.58
Sep, 2031	100	$2,625.35	$938.63	$293.75	$3,857.73	$511,324.95
Oct, 2031	101	$2,620.54	$943.44	$293.75	$3,857.73	$510,381.50
Nov, 2031	102	$2,615.71	$948.28	$293.75	$3,857.73	$509,433.22
Dec, 2031	103	$2,610.85	$953.14	$293.75	$3,857.73	$508,480.08
Jan, 2032	104	$2,605.96	$958.02	$293.75	$3,857.73	$507,522.06
Feb, 2032	105	$2,601.05	$962.93	$293.75	$3,857.73	$506,559.12
Mar, 2032	106	$2,596.12	$967.87	$293.75	$3,857.73	$505,591.26
Apr, 2032	107	$2,591.16	$972.83	$293.75	$3,857.73	$504,618.43
May, 2032	108	$2,586.17	$977.82	$293.75	$3,857.73	$503,640.61
Jun, 2032	109	$2,581.16	$982.83	$293.75	$3,857.73	$502,657.78
Jul, 2032	110	$2,576.12	$987.86	$293.75	$3,857.73	$501,669.92
Aug, 2032	111	$2,571.06	$992.93	$293.75	$3,857.73	$500,676.99
Sep, 2032	112	$2,565.97	$998.02	$293.75	$3,857.73	$499,678.98
Oct, 2032	113	$2,560.85	$1,003.13	$293.75	$3,857.73	$498,675.85
Nov, 2032	114	$2,555.71	$1,008.27	$293.75	$3,857.73	$497,667.58
Dec, 2032	115	$2,550.55	$1,013.44	$293.75	$3,857.73	$496,654.14
Jan, 2033	116	$2,545.35	$1,018.63	$293.75	$3,857.73	$495,635.51
Feb, 2033	117	$2,540.13	$1,023.85	$293.75	$3,857.73	$494,611.65
Mar, 2033	118	$2,534.88	$1,029.10	$293.75	$3,857.73	$493,582.55
Apr, 2033	119	$2,529.61	$1,034.37	$293.75	$3,857.73	$492,548.18
May, 2033	120	$2,524.31	$1,039.68	$293.75	$3,857.73	$491,508.51
Jun, 2033	121	$2,518.98	$1,045.00	$293.75	$3,857.73	$490,463.50
Jul, 2033	122	$2,513.63	$1,050.36	$293.75	$3,857.73	$489,413.14
Aug, 2033	123	$2,508.24	$1,055.74	$293.75	$3,857.73	$488,357.40
Sep, 2033	124	$2,502.83	$1,061.15	$293.75	$3,857.73	$487,296.25
Oct, 2033	125	$2,497.39	$1,066.59	$293.75	$3,857.73	$486,229.66
Nov, 2033	126	$2,491.93	$1,072.06	$293.75	$3,857.73	$485,157.60
Dec, 2033	127	$2,486.43	$1,077.55	$293.75	$3,857.73	$484,080.05
Jan, 2034	128	$2,480.91	$1,083.07	$293.75	$3,857.73	$482,996.97
Feb, 2034	129	$2,475.36	$1,088.63	$293.75	$3,857.73	$481,908.35
Mar, 2034	130	$2,469.78	$1,094.20	$293.75	$3,857.73	$480,814.14
Apr, 2034	131	$2,464.17	$1,099.81	$293.75	$3,857.73	$479,714.33
May, 2034	132	$2,458.54	$1,105.45	$293.75	$3,857.73	$478,608.88
Jun, 2034	133	$2,452.87	$1,111.11	$293.75	$3,857.73	$477,497.77
Jul, 2034	134	$2,447.18	$1,116.81	$293.75	$3,857.73	$476,380.96
Aug, 2034	135	$2,441.45	$1,122.53	$293.75	$3,857.73	$475,258.42
Sep, 2034	136	$2,435.70	$1,128.29	$293.75	$3,857.73	$474,130.14
Oct, 2034	137	$2,429.92	$1,134.07	$293.75	$3,857.73	$472,996.07
Nov, 2034	138	$2,424.10	$1,139.88	$293.75	$3,857.73	$471,856.19
Dec, 2034	139	$2,418.26	$1,145.72	$293.75	$3,857.73	$470,710.47
Jan, 2035	140	$2,412.39	$1,151.59	$293.75	$3,857.73	$469,558.88
Feb, 2035	141	$2,406.49	$1,157.50	$293.75	$3,857.73	$468,401.38
Mar, 2035	142	$2,400.56	$1,163.43	$293.75	$3,857.73	$467,237.95
Apr, 2035	143	$2,394.59	$1,169.39	$293.75	$3,857.73	$466,068.56
May, 2035	144	$2,388.60	$1,175.38	$293.75	$3,857.73	$464,893.18
Jun, 2035	145	$2,382.58	$1,181.41	$293.75	$3,857.73	$463,711.77
Jul, 2035	146	$2,376.52	$1,187.46	$293.75	$3,857.73	$462,524.31
Aug, 2035	147	$2,370.44	$1,193.55	$293.75	$3,857.73	$461,330.76
Sep, 2035	148	$2,364.32	$1,199.66	$293.75	$3,857.73	$460,131.10
Oct, 2035	149	$2,358.17	$1,205.81	$293.75	$3,857.73	$458,925.29
Nov, 2035	150	$2,351.99	$1,211.99	$293.75	$3,857.73	$457,713.29
Dec, 2035	151	$2,345.78	$1,218.20	$293.75	$3,857.73	$456,495.09
Jan, 2036	152	$2,339.54	$1,224.45	$293.75	$3,857.73	$455,270.64
Feb, 2036	153	$2,333.26	$1,230.72	$293.75	$3,857.73	$454,039.92
Mar, 2036	154	$2,326.95	$1,237.03	$293.75	$3,857.73	$452,802.89
Apr, 2036	155	$2,320.61	$1,243.37	$293.75	$3,857.73	$451,559.52
May, 2036	156	$2,314.24	$1,249.74	$293.75	$3,857.73	$450,309.78
Jun, 2036	157	$2,307.84	$1,256.15	$293.75	$3,857.73	$449,053.63
Jul, 2036	158	$2,301.40	$1,262.58	$293.75	$3,857.73	$447,791.04
Aug, 2036	159	$2,294.93	$1,269.06	$293.75	$3,857.73	$446,521.99
Sep, 2036	160	$2,288.43	$1,275.56	$293.75	$3,857.73	$445,246.43
Oct, 2036	161	$2,281.89	$1,282.10	$293.75	$3,857.73	$443,964.33
Nov, 2036	162	$2,275.32	$1,288.67	$293.75	$3,857.73	$442,675.67
Dec, 2036	163	$2,268.71	$1,295.27	$293.75	$3,857.73	$441,380.39
Jan, 2037	164	$2,262.07	$1,301.91	$293.75	$3,857.73	$440,078.48
Feb, 2037	165	$2,255.40	$1,308.58	$293.75	$3,857.73	$438,769.90
Mar, 2037	166	$2,248.70	$1,315.29	$293.75	$3,857.73	$437,454.61
Apr, 2037	167	$2,241.95	$1,322.03	$293.75	$3,857.73	$436,132.58
May, 2037	168	$2,235.18	$1,328.81	$293.75	$3,857.73	$434,803.78
Jun, 2037	169	$2,228.37	$1,335.62	$293.75	$3,857.73	$433,468.16
Jul, 2037	170	$2,221.52	$1,342.46	$293.75	$3,857.73	$432,125.70
Aug, 2037	171	$2,214.64	$1,349.34	$293.75	$3,857.73	$430,776.36
Sep, 2037	172	$2,207.73	$1,356.26	$293.75	$3,857.73	$429,420.10
Oct, 2037	173	$2,200.78	$1,363.21	$293.75	$3,857.73	$428,056.90
Nov, 2037	174	$2,193.79	$1,370.19	$293.75	$3,857.73	$426,686.70
Dec, 2037	175	$2,186.77	$1,377.22	$293.75	$3,857.73	$425,309.49
Jan, 2038	176	$2,179.71	$1,384.27	$293.75	$3,857.73	$423,925.22
Feb, 2038	177	$2,172.62	$1,391.37	$293.75	$3,857.73	$422,533.85
Mar, 2038	178	$2,165.49	$1,398.50	$293.75	$3,857.73	$421,135.35
Apr, 2038	179	$2,158.32	$1,405.67	$293.75	$3,857.73	$419,729.68
May, 2038	180	$2,151.11	$1,412.87	$293.75	$3,857.73	$418,316.81
Jun, 2038	181	$2,143.87	$1,420.11	$293.75	$3,857.73	$416,896.70
Jul, 2038	182	$2,136.60	$1,427.39	$293.75	$3,857.73	$415,469.31
Aug, 2038	183	$2,129.28	$1,434.70	$293.75	$3,857.73	$414,034.61
Sep, 2038	184	$2,121.93	$1,442.06	$293.75	$3,857.73	$412,592.55
Oct, 2038	185	$2,114.54	$1,449.45	$293.75	$3,857.73	$411,143.10
Nov, 2038	186	$2,107.11	$1,456.88	$293.75	$3,857.73	$409,686.23
Dec, 2038	187	$2,099.64	$1,464.34	$293.75	$3,857.73	$408,221.88
Jan, 2039	188	$2,092.14	$1,471.85	$293.75	$3,857.73	$406,750.04
Feb, 2039	189	$2,084.59	$1,479.39	$293.75	$3,857.73	$405,270.64
Mar, 2039	190	$2,077.01	$1,486.97	$293.75	$3,857.73	$403,783.67
Apr, 2039	191	$2,069.39	$1,494.59	$293.75	$3,857.73	$402,289.08
May, 2039	192	$2,061.73	$1,502.25	$293.75	$3,857.73	$400,786.83
Jun, 2039	193	$2,054.03	$1,509.95	$293.75	$3,857.73	$399,276.87
Jul, 2039	194	$2,046.29	$1,517.69	$293.75	$3,857.73	$397,759.18
Aug, 2039	195	$2,038.52	$1,525.47	$293.75	$3,857.73	$396,233.71
Sep, 2039	196	$2,030.70	$1,533.29	$293.75	$3,857.73	$394,700.43
Oct, 2039	197	$2,022.84	$1,541.15	$293.75	$3,857.73	$393,159.28
Nov, 2039	198	$2,014.94	$1,549.04	$293.75	$3,857.73	$391,610.24
Dec, 2039	199	$2,007.00	$1,556.98	$293.75	$3,857.73	$390,053.26
Jan, 2040	200	$1,999.02	$1,564.96	$293.75	$3,857.73	$388,488.29
Feb, 2040	201	$1,991.00	$1,572.98	$293.75	$3,857.73	$386,915.31
Mar, 2040	202	$1,982.94	$1,581.04	$293.75	$3,857.73	$385,334.27
Apr, 2040	203	$1,974.84	$1,589.15	$293.75	$3,857.73	$383,745.12
May, 2040	204	$1,966.69	$1,597.29	$293.75	$3,857.73	$382,147.83
Jun, 2040	205	$1,958.51	$1,605.48	$293.75	$3,857.73	$380,542.35
Jul, 2040	206	$1,950.28	$1,613.71	$293.75	$3,857.73	$378,928.65
Aug, 2040	207	$1,942.01	$1,621.98	$293.75	$3,857.73	$377,306.67
Sep, 2040	208	$1,933.70	$1,630.29	$293.75	$3,857.73	$375,676.38
Oct, 2040	209	$1,925.34	$1,638.64	$293.75	$3,857.73	$374,037.74
Nov, 2040	210	$1,916.94	$1,647.04	$293.75	$3,857.73	$372,390.70
Dec, 2040	211	$1,908.50	$1,655.48	$293.75	$3,857.73	$370,735.22
Jan, 2041	212	$1,900.02	$1,663.97	$293.75	$3,857.73	$369,071.25
Feb, 2041	213	$1,891.49	$1,672.49	$293.75	$3,857.73	$367,398.76
Mar, 2041	214	$1,882.92	$1,681.07	$293.75	$3,857.73	$365,717.69
Apr, 2041	215	$1,874.30	$1,689.68	$293.75	$3,857.73	$364,028.01
May, 2041	216	$1,865.64	$1,698.34	$293.75	$3,857.73	$362,329.67
Jun, 2041	217	$1,856.94	$1,707.05	$293.75	$3,857.73	$360,622.62
Jul, 2041	218	$1,848.19	$1,715.79	$293.75	$3,857.73	$358,906.83
Aug, 2041	219	$1,839.40	$1,724.59	$293.75	$3,857.73	$357,182.24
Sep, 2041	220	$1,830.56	$1,733.43	$293.75	$3,857.73	$355,448.82
Oct, 2041	221	$1,821.68	$1,742.31	$293.75	$3,857.73	$353,706.51
Nov, 2041	222	$1,812.75	$1,751.24	$293.75	$3,857.73	$351,955.27
Dec, 2041	223	$1,803.77	$1,760.21	$293.75	$3,857.73	$350,195.05
Jan, 2042	224	$1,794.75	$1,769.24	$293.75	$3,857.73	$348,425.82
Feb, 2042	225	$1,785.68	$1,778.30	$293.75	$3,857.73	$346,647.52
Mar, 2042	226	$1,776.57	$1,787.42	$293.75	$3,857.73	$344,860.10
Apr, 2042	227	$1,767.41	$1,796.58	$293.75	$3,857.73	$343,063.52
May, 2042	228	$1,758.20	$1,805.78	$293.75	$3,857.73	$341,257.74
Jun, 2042	229	$1,748.95	$1,815.04	$293.75	$3,857.73	$339,442.70
Jul, 2042	230	$1,739.64	$1,824.34	$293.75	$3,857.73	$337,618.36
Aug, 2042	231	$1,730.29	$1,833.69	$293.75	$3,857.73	$335,784.67
Sep, 2042	232	$1,720.90	$1,843.09	$293.75	$3,857.73	$333,941.58
Oct, 2042	233	$1,711.45	$1,852.53	$293.75	$3,857.73	$332,089.05
Nov, 2042	234	$1,701.96	$1,862.03	$293.75	$3,857.73	$330,227.02
Dec, 2042	235	$1,692.41	$1,871.57	$293.75	$3,857.73	$328,355.45
Jan, 2043	236	$1,682.82	$1,881.16	$293.75	$3,857.73	$326,474.28
Feb, 2043	237	$1,673.18	$1,890.80	$293.75	$3,857.73	$324,583.48
Mar, 2043	238	$1,663.49	$1,900.49	$293.75	$3,857.73	$322,682.98
Apr, 2043	239	$1,653.75	$1,910.23	$293.75	$3,857.73	$320,772.75
May, 2043	240	$1,643.96	$1,920.02	$293.75	$3,857.73	$318,852.73
Jun, 2043	241	$1,634.12	$1,929.86	$293.75	$3,857.73	$316,922.86
Jul, 2043	242	$1,624.23	$1,939.76	$293.75	$3,857.73	$314,983.11
Aug, 2043	243	$1,614.29	$1,949.70	$293.75	$3,857.73	$313,033.41
Sep, 2043	244	$1,604.30	$1,959.69	$293.75	$3,857.73	$311,073.72
Oct, 2043	245	$1,594.25	$1,969.73	$293.75	$3,857.73	$309,103.99
Nov, 2043	246	$1,584.16	$1,979.83	$293.75	$3,857.73	$307,124.16
Dec, 2043	247	$1,574.01	$1,989.97	$293.75	$3,857.73	$305,134.19
Jan, 2044	248	$1,563.81	$2,000.17	$293.75	$3,857.73	$303,134.02
Feb, 2044	249	$1,553.56	$2,010.42	$293.75	$3,857.73	$301,123.59
Mar, 2044	250	$1,543.26	$2,020.73	$293.75	$3,857.73	$299,102.87
Apr, 2044	251	$1,532.90	$2,031.08	$293.75	$3,857.73	$297,071.79
May, 2044	252	$1,522.49	$2,041.49	$293.75	$3,857.73	$295,030.29
Jun, 2044	253	$1,512.03	$2,051.95	$293.75	$3,857.73	$292,978.34
Jul, 2044	254	$1,501.51	$2,062.47	$293.75	$3,857.73	$290,915.87
Aug, 2044	255	$1,490.94	$2,073.04	$293.75	$3,857.73	$288,842.83
Sep, 2044	256	$1,480.32	$2,083.67	$293.75	$3,857.73	$286,759.16
Oct, 2044	257	$1,469.64	$2,094.34	$293.75	$3,857.73	$284,664.82
Nov, 2044	258	$1,458.91	$2,105.08	$293.75	$3,857.73	$282,559.74
Dec, 2044	259	$1,448.12	$2,115.87	$293.75	$3,857.73	$280,443.87
Jan, 2045	260	$1,437.27	$2,126.71	$293.75	$3,857.73	$278,317.17
Feb, 2045	261	$1,426.38	$2,137.61	$293.75	$3,857.73	$276,179.56
Mar, 2045	262	$1,415.42	$2,148.56	$293.75	$3,857.73	$274,030.99
Apr, 2045	263	$1,404.41	$2,159.58	$293.75	$3,857.73	$271,871.42
May, 2045	264	$1,393.34	$2,170.64	$293.75	$3,857.73	$269,700.77
Jun, 2045	265	$1,382.22	$2,181.77	$293.75	$3,857.73	$267,519.00
Jul, 2045	266	$1,371.03	$2,192.95	$293.75	$3,857.73	$265,326.05
Aug, 2045	267	$1,359.80	$2,204.19	$293.75	$3,857.73	$263,121.86
Sep, 2045	268	$1,348.50	$2,215.49	$293.75	$3,857.73	$260,906.38
Oct, 2045	269	$1,337.15	$2,226.84	$293.75	$3,857.73	$258,679.54
Nov, 2045	270	$1,325.73	$2,238.25	$293.75	$3,857.73	$256,441.29
Dec, 2045	271	$1,314.26	$2,249.72	$293.75	$3,857.73	$254,191.56
Jan, 2046	272	$1,302.73	$2,261.25	$293.75	$3,857.73	$251,930.31
Feb, 2046	273	$1,291.14	$2,272.84	$293.75	$3,857.73	$249,657.47
Mar, 2046	274	$1,279.49	$2,284.49	$293.75	$3,857.73	$247,372.98
Apr, 2046	275	$1,267.79	$2,296.20	$293.75	$3,857.73	$245,076.78
May, 2046	276	$1,256.02	$2,307.97	$293.75	$3,857.73	$242,768.82
Jun, 2046	277	$1,244.19	$2,319.79	$293.75	$3,857.73	$240,449.02
Jul, 2046	278	$1,232.30	$2,331.68	$293.75	$3,857.73	$238,117.34
Aug, 2046	279	$1,220.35	$2,343.63	$293.75	$3,857.73	$235,773.70
Sep, 2046	280	$1,208.34	$2,355.64	$293.75	$3,857.73	$233,418.06
Oct, 2046	281	$1,196.27	$2,367.72	$293.75	$3,857.73	$231,050.34
Nov, 2046	282	$1,184.13	$2,379.85	$293.75	$3,857.73	$228,670.49
Dec, 2046	283	$1,171.94	$2,392.05	$293.75	$3,857.73	$226,278.44
Jan, 2047	284	$1,159.68	$2,404.31	$293.75	$3,857.73	$223,874.13
Feb, 2047	285	$1,147.35	$2,416.63	$293.75	$3,857.73	$221,457.50
Mar, 2047	286	$1,134.97	$2,429.02	$293.75	$3,857.73	$219,028.49
Apr, 2047	287	$1,122.52	$2,441.46	$293.75	$3,857.73	$216,587.03
May, 2047	288	$1,110.01	$2,453.98	$293.75	$3,857.73	$214,133.05
Jun, 2047	289	$1,097.43	$2,466.55	$293.75	$3,857.73	$211,666.50
Jul, 2047	290	$1,084.79	$2,479.19	$293.75	$3,857.73	$209,187.30
Aug, 2047	291	$1,072.08	$2,491.90	$293.75	$3,857.73	$206,695.40
Sep, 2047	292	$1,059.31	$2,504.67	$293.75	$3,857.73	$204,190.73
Oct, 2047	293	$1,046.48	$2,517.51	$293.75	$3,857.73	$201,673.22
Nov, 2047	294	$1,033.58	$2,530.41	$293.75	$3,857.73	$199,142.82
Dec, 2047	295	$1,020.61	$2,543.38	$293.75	$3,857.73	$196,599.44
Jan, 2048	296	$1,007.57	$2,556.41	$293.75	$3,857.73	$194,043.03
Feb, 2048	297	$994.47	$2,569.51	$293.75	$3,857.73	$191,473.51
Mar, 2048	298	$981.30	$2,582.68	$293.75	$3,857.73	$188,890.83
Apr, 2048	299	$968.07	$2,595.92	$293.75	$3,857.73	$186,294.91
May, 2048	300	$954.76	$2,609.22	$293.75	$3,857.73	$183,685.69
Jun, 2048	301	$941.39	$2,622.60	$293.75	$3,857.73	$181,063.09
Jul, 2048	302	$927.95	$2,636.04	$293.75	$3,857.73	$178,427.05
Aug, 2048	303	$914.44	$2,649.55	$293.75	$3,857.73	$175,777.51
Sep, 2048	304	$900.86	$2,663.13	$293.75	$3,857.73	$173,114.38
Oct, 2048	305	$887.21	$2,676.77	$293.75	$3,857.73	$170,437.61
Nov, 2048	306	$873.49	$2,690.49	$293.75	$3,857.73	$167,747.12
Dec, 2048	307	$859.70	$2,704.28	$293.75	$3,857.73	$165,042.84
Jan, 2049	308	$845.84	$2,718.14	$293.75	$3,857.73	$162,324.70
Feb, 2049	309	$831.91	$2,732.07	$293.75	$3,857.73	$159,592.63
Mar, 2049	310	$817.91	$2,746.07	$293.75	$3,857.73	$156,846.55
Apr, 2049	311	$803.84	$2,760.15	$293.75	$3,857.73	$154,086.41
May, 2049	312	$789.69	$2,774.29	$293.75	$3,857.73	$151,312.11
Jun, 2049	313	$775.47	$2,788.51	$293.75	$3,857.73	$148,523.60
Jul, 2049	314	$761.18	$2,802.80	$293.75	$3,857.73	$145,720.80
Aug, 2049	315	$746.82	$2,817.17	$293.75	$3,857.73	$142,903.64
Sep, 2049	316	$732.38	$2,831.60	$293.75	$3,857.73	$140,072.03
Oct, 2049	317	$717.87	$2,846.12	$293.75	$3,857.73	$137,225.92
Nov, 2049	318	$703.28	$2,860.70	$293.75	$3,857.73	$134,365.22
Dec, 2049	319	$688.62	$2,875.36	$293.75	$3,857.73	$131,489.85
Jan, 2050	320	$673.89	$2,890.10	$293.75	$3,857.73	$128,599.75
Feb, 2050	321	$659.07	$2,904.91	$293.75	$3,857.73	$125,694.84
Mar, 2050	322	$644.19	$2,919.80	$293.75	$3,857.73	$122,775.04
Apr, 2050	323	$629.22	$2,934.76	$293.75	$3,857.73	$119,840.28
May, 2050	324	$614.18	$2,949.80	$293.75	$3,857.73	$116,890.48
Jun, 2050	325	$599.06	$2,964.92	$293.75	$3,857.73	$113,925.56
Jul, 2050	326	$583.87	$2,980.12	$293.75	$3,857.73	$110,945.44
Aug, 2050	327	$568.60	$2,995.39	$293.75	$3,857.73	$107,950.05
Sep, 2050	328	$553.24	$3,010.74	$293.75	$3,857.73	$104,939.31
Oct, 2050	329	$537.81	$3,026.17	$293.75	$3,857.73	$101,913.14
Nov, 2050	330	$522.30	$3,041.68	$293.75	$3,857.73	$98,871.46
Dec, 2050	331	$506.72	$3,057.27	$293.75	$3,857.73	$95,814.19
Jan, 2051	332	$491.05	$3,072.94	$293.75	$3,857.73	$92,741.26
Feb, 2051	333	$475.30	$3,088.69	$293.75	$3,857.73	$89,652.57
Mar, 2051	334	$459.47	$3,104.52	$293.75	$3,857.73	$86,548.05
Apr, 2051	335	$443.56	$3,120.43	$293.75	$3,857.73	$83,427.63
May, 2051	336	$427.57	$3,136.42	$293.75	$3,857.73	$80,291.21
Jun, 2051	337	$411.49	$3,152.49	$293.75	$3,857.73	$77,138.72
Jul, 2051	338	$395.34	$3,168.65	$293.75	$3,857.73	$73,970.07
Aug, 2051	339	$379.10	$3,184.89	$293.75	$3,857.73	$70,785.18
Sep, 2051	340	$362.77	$3,201.21	$293.75	$3,857.73	$67,583.97
Oct, 2051	341	$346.37	$3,217.62	$293.75	$3,857.73	$64,366.35
Nov, 2051	342	$329.88	$3,234.11	$293.75	$3,857.73	$61,132.25
Dec, 2051	343	$313.30	$3,250.68	$293.75	$3,857.73	$57,881.56
Jan, 2052	344	$296.64	$3,267.34	$293.75	$3,857.73	$54,614.22
Feb, 2052	345	$279.90	$3,284.09	$293.75	$3,857.73	$51,330.14
Mar, 2052	346	$263.07	$3,300.92	$293.75	$3,857.73	$48,029.22
Apr, 2052	347	$246.15	$3,317.83	$293.75	$3,857.73	$44,711.38
May, 2052	348	$229.15	$3,334.84	$293.75	$3,857.73	$41,376.54
Jun, 2052	349	$212.05	$3,351.93	$293.75	$3,857.73	$38,024.61
Jul, 2052	350	$194.88	$3,369.11	$293.75	$3,857.73	$34,655.51
Aug, 2052	351	$177.61	$3,386.38	$293.75	$3,857.73	$31,269.13
Sep, 2052	352	$160.25	$3,403.73	$293.75	$3,857.73	$27,865.40
Oct, 2052	353	$142.81	$3,421.17	$293.75	$3,857.73	$24,444.22
Nov, 2052	354	$125.28	$3,438.71	$293.75	$3,857.73	$21,005.52
Dec, 2052	355	$107.65	$3,456.33	$293.75	$3,857.73	$17,549.19
Jan, 2053	356	$89.94	$3,474.05	$293.75	$3,857.73	$14,075.14
Feb, 2053	357	$72.14	$3,491.85	$293.75	$3,857.73	$10,583.29
Mar, 2053	358	$54.24	$3,509.75	$293.75	$3,857.73	$7,073.55
Apr, 2053	359	$36.25	$3,527.73	$293.75	$3,857.73	$3,545.81
May, 2053	360	$18.17	$3,545.81	$293.75	$3,857.73	$0.00

2nd Home Mortgage Calculator

The second home mortgage calculator gives you the option to show the amortization schedule by year or month. For homeowners who own a second home or a vacation house, this 2nd home mortgage calculator is useful in calculating how much they have to pay each month and the overall costs of their second mortgage.

What Is A Second Mortgage?

A second mortgage, also known as a piggyback loan is a mortgage taken out against a property that already has a mortgage that hasn't been paid off. Since the second mortgage is a lien from the first mortgage, the mortgage amount will be lower than the first, and the interest rate is generally higher. In the case of default, the lender has the right to take control of your home. Home equity loans or home equity lines of credit are often used as second mortgages.

Why A Second Mortgage?

There are good reasons why someone would want to take out a second mortgage.

Payoff credit card debt - The second mortgage has a much lower interest rate than the APR of credit cards. If you owe a lot of credit card debt, getting a 2nd mortgage is an excellent way to pay off your credit card and save a lot of money on interest payments.

Avoid paying PMI from the first mortgage - If you are paying less than 20% on your first mortgage, you will need to pay private mortgage insurance. To avoid paying for the PMI, you can consider taking out a second mortgage.

Finance large purchase - If you need to buy a car or another house as an investment.

Home innovation - If you want to renovate your home and don't have the cash to do so, you can take out a second mortgage to cover the costs of home improvement.

College tuition and expenses - If you or your kids are going to college and need money for tuition and other costs, you can consider getting a second mortgage.

Medical bills - If you have medical bills that you can't afford to pay, you may want to get a second mortgage so that you can pay off your medical bills.

Starting a business - If you need money to start a business, you can use HELOC to buy equipment and other necessities or even to hire employees for your business.

Stocks, bonds, and other investments - If you think you can make more money with other investments than the interest that you will be paying for your second mortgage, you can consider HELOC.

Buying a second house - If you are thinking of buying a second house and need more money for the down payment and closing costs, you can apply for a second mortgage.

Disadvantages of second mortgages

While it is nice to have extra cash in hand, there are disadvantages to getting a second mortgage.

Good equity in your house - in order to get a meaningful amount of money from a second mortgage, you need to have a good chunk of equity in your home. If you just bought your house recently, you will not be able to get a second mortgage.

The costs might be expensive - there will be closing costs and other one-time fees such as appraisal and loan origination fees that you have to pay. You will have to calculate the fees and see if it is worth the effort to get a second mortgage.

Lose your home - Since the second mortgage uses your home as collateral, you may lose your home if you fail to make payments.

Should I get a second mortgage?

One of the best ways to use a second mortgage is to use it to increase the value of your home, by improving your home such as installing solar lights to reduce energy usage, upgrading the kitchen and bathroom, or increasing the finished square footage. By making improvements to your home, you maintain the equity in your house. In addition, if you are paying private mortgage insurance or PMI, an insurance that you have to pay monthly if your equity in the house is less than 20%. When the value of your home increases, you might be able to remove your PMI. Your lender will order an appraisal to reevaluate your property and see if it indeed has increased in value compared to other houses in your area. Use the PMI payoff calculator to calculate how much PMI you are paying each month and evaluate if it makes sense to apply for a second mortgage to remove the monthly mortgage insurance. Another good reason to use a second mortgage is to pay off your other high-interest credit card debts. The APR for credit cards is outrageous, so if you are falling behind in your credit card bills, by all means, get a second mortgage. On the other hand, if you are planning to use the second mortgage to buy a brand new car, high-class furniture, or other luxuries, you have to really think hard about it. Do you really need these items or can you live without them? If you want to use a second mortgage for other investment purposes such as starting a business, investing in stocks, or buying a second house, make sure you evaluate the risks and rewards of each investment and have a good understanding of the current economic conditions. When the economy is tough, people getting laid off, businesses struggling to survive, houses getting foreclosure, and stocks losing value, it could be difficult to start a new business, invest in stocks, or buy another property. Ask yourself this question, do I have the necessary experience to pursue this business opportunity or am I relying on others to make all the decisions. If your answer is the latter, you need to reevaluate your decision.

How to qualify for a second mortgage?

There are certain conditions that you need to meet in order to qualify for a second mortgage.

Strong income history - a strong income history is required so the lender knows that you can repay the loan.

High credit score - You need to have a good credit score to qualify for a second mortgage. Although some lenders may still take the risk and qualify you with a low credit score, you will end up paying a much higher interest rate.

Low LTV - You need to have a low debt to value ratio, no more than 43%. Lenders prefer LTV lower than 36%.

Good equity in your house - You may need about 20% of the equity in your house. Lenders want to see that you have good equity in your house, so in case of default, they can recoup their loss by taking control of your home.

Each lender is different, so you will have to shop around and see what's available.

How long does it take to get approval for a second mortgage?

Just like the first mortgage that you have, the second mortgage follows a similar procedure and process time to approve your loan, and the timeline will vary from lender to lender. You need to get an appraisal for your home and submit all necessary documents that your lender requested to avoid delays. It could take up to a month or even longer for your lender's underwriter to review and approve your loan. Communicate with your mortgage loan officer and see if they need additional information. Loan officers are usually busy with many loan applications, sometimes they may forget to contact you about an issue, so you may want to follow up with them from time to time so they keep you in the loop.

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Home Value	$	Second Mortgage Type
Down Payment	$ %	Mortgage Amount	$
Property Tax (Yearly)		Home Insurance (Yearly)
PMI (Yearly)	$ %	Other Fees (Yearly)
Mortgage 1 Terms		Mortgage 1 Interest Rate
Mortgage 2 Terms		Mortgage 2 Interest Rate
		First Payment Date

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